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1 1 (January 30, 2008)

handle is hein.crs/crsahnn0001 and id is 1 raw text is: Order Code RS20803 Updated January 30, 2008 Codes of Conduct for Multinational Corporations: An Overview James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Summary The U.S. economy is growing increasingly interconnected with other economies around the world, a phenomenon often referred to as globalization. As U.S. businesses expand globally, however, various groups across the social and economic spectrum are growing concerned over the economic, social, and political impact of this activity. Over the past 15 years, multinational corporations and nations have adopted voluntary, legally enforceable, and industry-specific codes of conduct to address many of these concerns. Congress will continue to play a pivotal role in addressing the large number of issues regarding internationally applied corporate codes of conduct that remain to be negotiated. This report will be updated as events warrant. Background Over the last decade, international flows of capital have skyrocketed. International flows in dollars, for instance, now total over $1.9 trillion per day, or nearly as much as the total annual amount of U.S. exports and imports of goods and services. These flows are the prime mover behind exchange rates and global flows of goods and services. One part of these flows is foreign direct investment, or investment in businesses and real estate. On a cumulative basis, direct investment now totals over $10 trillion world-wide, about 20% of which is associated with the overseas investment of U.S. firms, the largest share held by the firms of any nation. This type of investment spans all countries, industrial sectors, industries, and economic activities and has become a major conduit for goods, capital, and technology between the developed and the developing economies. Foreign direct investment has become a much needed source of funds for capital formation in developing countries and foreign investment accounts for important shares of employment, sales, income, and R&D spending in developing countries. The United States is the largest recipient of foreign direct investment and is the largest overseas investor in the world, owning over $2.1 trillion in direct investment 1 World Investment Report 2006, New York, United Nations, 2006. pp. 1-38.

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